During this festive season, Pune’s real estate sector is aiming to entice buyers with enticing offers and discounts. With positive market sentiments, many developers have initiated new projects to capitalize on renewed buyer confidence.
The surge in launches in Pune is evident, with 10,015 new units introduced in the third quarter of 2021, a significant increase from 2,810 units in the second quarter of the same year and 4,635 units in the third quarter of 2020. This upswing is attributed to the overall economic improvement following the second wave of the pandemic.
Comparing sales figures, 10,128 homes were sold in Pune in the third quarter of 2021, a notable increase from 2,495 units in the April-June period of 2021. In the same period the previous year, only 7,107 units were sold in the Pune market, according to a report by PropTiger.
Anil Pharande, President of CREDAI-Pune Metro, stated that their surveys indicate an almost eight percent growth in the number of units sold in Pune’s market. Factors contributing to this growth include improvements in the COVID-related situation due to vaccination drives, low-interest rates on home loans, stamp duty benefits for women buyers, and attractive offers from developers during the festive season.
Developers have seized the opportunity to launch new projects, with Arvind Jain, CMD Pride Group, noting the positive response during the Navratri season. He mentioned a surge in genuine inquiries turning into buying decisions, with buyers showing interest in larger apartments, even if located a few kilometers away from their original preferences.
Paranjape Schemes (Construction) Limited experienced over 100 bookings in the final days of Navratri and Dussehra. Amit Paranjape, Director of the company, highlighted the increasing number of inquiries and the impact of low-interest rates on home loans and reduced uncertainty due to vaccination.
Sachin Bhandari, CEO of VTP Realty, emphasized the pent-up demand from customers, coupled with multiple launches by developers. With the pandemic on the decline and increased confidence due to vaccination, the current scenario is positive. VTP Realty achieved the highest business in the city in the last financial year and is targeting a 50 percent increase over the current year.
